Parker-Hannifin (NYSE:PH) PT Raised to $788.00

Parker-Hannifin (NYSE:PH) had its price objective raised by Truist Financial from $673.00 to $788.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would indicate a potential upside of 24.62% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Barclays boosted their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday. TD Cowen upped their price target on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Robert W. Baird upped their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Finally, Evercore ISI increased their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus price target of $649.86.

Parker-Hannifin Price Performance

Shares of PH stock traded up $5.00 during midday trading on Wednesday, reaching $632.34. 84,298 shares of the company traded hands, compared to its average volume of 641,535. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The firm’s 50 day simple moving average is $590.07 and its two-hundred day simple moving average is $555.21. Parker-Hannifin has a 1-year low of $362.49 and a 1-year high of $639.87. The firm has a market cap of $81.28 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 2.55 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $6.08 EPS. On average, equities research analysts expect that Parker-Hannifin will post 26.64 EPS for the current fiscal year.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

A number of institutional investors have recently modified their holdings of the stock. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the second quarter worth $25,000. Bangor Savings Bank raised its holdings in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Harbor Investment Advisory LLC raised its stake in Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin in the first quarter valued at approximately $31,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.